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FHA Loans and Lack of Credit History
Can a borrower be turned down for an FHA loan because of a lack of credit history? Recently we fielded a reader question about FHA loans that included the following line: “I do have older doctor bills...
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FHA Loan Reader Questions: Late Payments on Credit History
A reader asks, “My wife and I have already completed home inspection,down payment and now must apply for FHA. We have already been officially told we qualify by score and income. I would like to know...
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FHA Loan Program FICO Score Minimums: A Reader Question
A reader asks, “I noticed that to be eligible for an FHA loan your score must be at least at a 580. Is this true? I was told this is just something you show here on your site but once you really go...
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FHA Loan Reader Questions: FHA Loan Credit Score Minimums
We’ve gotten several questions about FHA loan credit score requirements lately. Here are two of them. One reader asks, “I am a veteran and in the past I have a lot of credit issues I have cleared up...
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FHA Loan Rules: Non-Occupying Co-Borrower Requirements
In a recent blog post we discussed the rules for FHA loans where a non-occupying co-borrower was involved. The scenario we discussed specifically was a parent buying a home with a child (FHA loan...
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FHA Loan Qualifications And Old Credit Problems: A Reader Question
A reader asks, “I have the income qualifications, the credit score qualification, and the down payment amount. However I also have outstanding amounts from old debt collection agencies. Do old debt...
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FHA Loans And Credit Scores: More Lenient Now?
Are FHA home loans getting easier to come by? According to one report in the L.A. Times, the answer is yes. Several sources are reporting that average credit scores on FHA mortgages has “declined...
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FHA Loans and Credit Scores: A Reader Question
A reader asks, “I have a credit score of 582, I made pretty poor financial choices in my 20′s and am working to improve my credit. I make an average of 72,000 a year now and my credit hinders my every...
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FHA Loan Credit Report Rules
Going into the FHA loan application process for the first time? It can be helpful to understand what your lender is looking for from your FHA loan application. Do you know the FHA’s rules for credit...
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FHA FICO Score Requirements: A Reader Question
A reader asks, “I was told that i could qualify for a FHA loan with a credit score of 608. I am a first time home buyer. Is the information I was given true?” It may sound glib to say that the answer...
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FHA FICO Score Minimums: A Reader Question
A reader asks, “If I only need a fico score of 580 to qualify for a FHA loan, why would my (lender name deleted) agent tell me that I need 600 score before he could preapprove me for a mortgage loan?”...
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FHA Loan FICO Score Requirements: A Reader Question
A reader asks, “I have a question on the down payment assistance and credit scores. We have credit scores that average to 640 and 620. Our lender has asked us to either raise our scores or have a 2...
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FHA Mortgage Rate Trends: Up and Down
Since our last report on FHA mortgage rate trends, we’ve seen some ups and down with mortgage loan rates in general, but the overall trend seems to be upward. Last Friday was a highly anticipated jobs...
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FHA Loan Credit Issues: A Reader Question
A reader asks, “I am in the process of trying to rebuild my credit, but am finding it difficult to acquire in my own name. I have a bankruptcy discharged in Feb 2013. I make all utility, insurance and...
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FHA Mortgage Loan Rate Trends
The Thanksgiving holiday interrupted several days worth of falling mortgage loan rates. We saw gains over six business days (holiday weekend falling in between some of those days) with best execution...
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FHA Loan Credit Issues: A Reader Question On Disputed Accounts
A reader asks, “I would like to know how to get an FHA loan, I had a Bankruptcy discharged in Aug. 2010. This is my problem I got a credit card to improve my credit score. I was paying faithfully, then...
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FHA Loans, Recent Major Credit Purchases, and FICO Scores
A reader asks, “I have a credit score of about 590, have some old stuff on my credit, which has been cleared up but still showing. Im looking for a $100,000 loan and have $8k to put down. I just last...
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FHA Loan Rules for FICO Scores and Applications Post-Bankruptcy
A reader asks, “What are the credit score and requirements to qualify for a FHA loan? Also, we filed bankruptcy over a year ago, what are the time limits of being discharged before someone can qualify...
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FHA Mortgage Rate Trends
FHA mortgage loan interest rates have been holding at best execution levels of 3.25% for quite some time, and that’s despite ups and downs for 30-year fixed rate conventional mortgages. Late last week...
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FHA Loan Questions: Student Loans, Delinquency, and Credit Reports
A reader asks, “I co signed a student loan in 2004 and the student loan went delinquent on February 2008. When will it come off my credit report? And will I be able to apply for a fha loan after it...
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